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OEM PLC (OEM)

  Print          Annual reports

Tuesday 30 October, 2007

OEM PLC

Preliminary Results

OEM PLC
30 October 2007





OEM plc

PRELIMINARY STATEMENT OF UNAUDITED 2007 RESULTS

STATEMENT BY THE CHAIRMAN



2007 Results



The loss after taxation for the year was £98,000 (2006: profit £860,000). The
loss per share for the year to 30 June 2007 was 1.23p (2006: profit 10.77p).
Equity at 30 June 2007 amounted to £782,000 (2006: £880,000) equivalent to 9.80p
per share (2006: 11.02p). As in previous years, the directors do not recommend
the payment of a dividend.



Business Review



Although this year has been quiet in terms of sales, the directors have been
working on a number of development projects and transactions which will be
reflected in future results and in this context I am pleased to report that,
subsequent to the year end, we have sold our property inventory for £1.9m.



The company has received a further settlement in relation to the legal action
undertaken against the estate of the late Brian Schneider and other parties.
This is shown as an exceptional item in the consolidated income statement. As
outlined in previous communications, the directors are continuing to pursue
legal actions but any further success of these cannot, of course, be guaranteed.



The directors have been assessing and reviewing a number of potential
opportunities for the company going forward and I am confident that we will be
able to generate an increase in shareholder value.





Future of the Company



We will continue to seek profitable opportunities, where our low risk strategy
coupled to our expertise may be deployed, and I look forward to bringing you
some exciting proposals in the near future.


Robert P B Noonan

Chairman

30 October 2007




OEM PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007

                                                          2007      2006
                                                        £'000s    £'000s
Continuing Operations
Revenue                                                    43         57
Cost of sales                                             (15)      (28)

Gross profit                                               28         29
Other operating income
Administrative expenses                                  (581)      (567)
Other operating expenses
Exceptional item                                          214      1,225
(Loss) Profit from operations                            (339)       687
Investment income                                         296        273
Finance costs                                             (55)      (100)

(Loss) Profit before tax                                  (98)       860
Tax                                                        -          -

(Loss) Profit for the period from                         (98)       860
continuing operations

(Loss) Profit for the period                              (98)       860



                                                         2007       2006
                                                        Pence      Pence

(Loss) Earnings per share                               (1.23)     10.77

Basic and diluted                                       (1.23)     10.77




No separate Statement of Total Recognised Gains and Losses has been presented.
All such gains and losses have been dealt with in the Group Income Statement.

Turnover and operating profit all derive from continuing operations.




OEM PLC

CONSOLIDATED BALANCE SHEET AT 30 JUNE 2007



                                                             As at            As at
                                                             30 June 2007     30 June 2006
Assets                                                       £'000s           £'000s

Non-current assets
Property, plant and equipment                                4                1
Unlisted investments                                         41               40
Long term debts                                              -                3,673
Total non-current assets                                     45               3,714

Current assets
Inventories                                                  800              800
Trade and other receivables                                  5,455            1,944
Cash and cash equivalents                                    38               182
Total current assets                                         6,293            2,926

Total assets                                                 6,338            6,640

Equity and liabilities

Capital and reserves
Share capital                                                1,996            1,996
Capital Redemption Reserve                                   11               11
Merger Reserve                                               169              169

Profit and Loss account                                      (1,394)          (1,296)

Total equity                                                 782              880

Non current liabilities
Creditors (long term)                                        2,363            2,334
Provision for liabilities & charges                          -                13

Current liabilities
Creditors                                                    3,193            3,413

Total liabilities                                            5,556            5,760

Total equity and liabilities                                 6,338            6,640




Group Statement of Changes in Equity                         £'000s


Balance at 1 June 2006                                       880

Net Loss for the year, decrease in share capital             (98)

Balance at 30 June 2007                                      782



Equity comprises share capital, capital reserve and merger reserve.




OEM PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007
                                                           2007       2006
                                                         £'000s     £'000s

Net cash from operating activities                          218         53

Investing activities
Interest paid                                              (55)       (100)
Interest received                                          296         273
Purchases of property, plant and                           (4)          -
equipment

Net cash generated from investing                          237         173
activities

Financing activities
Bank loan repaid                                          (755)        600
Increase/(decrease) in bank overdrafts                     156        (719)

Net cash (used) in financing activities                   (599)       (119)


Net increase in cash and cash equivalents                 (144)        107
Cash and cash equivalents at beginning of                  182          75
year
Cash and cash equivalents at end of year                    38         182



NOTES

1.      The net cash from operating activities:
                                                            2007       2006
                                                           £'000s     £'000s

Operating (loss)/profit                                    (339)       687
Depreciation                                                 1          1
Movement in provisions and charges

                                                            (13)       (14)
(Increase)/decrease in debtors

                                                            162      (1,075)
Increase/(decrease) in creditors                            407        454
Net cash generated from operating                           218         53
activities



2.           The number of ordinary shares in issue throughout the year is 7,985,793.

3.           The annual general meeting of the Company will be held at 10.00am on 11
December 2007 at 14 -18 Ham Yard, London, W1D 7DT.

4.           The financial information set out above does not constitute the Group's
statutory accounts for the years ended 30 June 2007 or 30 June 2006, but is derived
from those accounts. Statutory accounts for 2006 have been delivered to the Registrar
of Companies in England and Wales, and those for 2007 will be delivered following the
Company's annual general meeting. The auditors have reported on the 2006 accounts:
their report was unqualified and did not contain statements under section 237(2) or (3)
of the Companies Act 1985.

5.           The figures included in this preliminary announcement have been prepared
on the basis of the accounting policies set out in the 30 June 2006 financial
statements.

ENQUIRIES: Secretary, OEM plc, Tel: 020 7292 5940






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